Indian Fashion Market Grows at 15 Per Cent
India’s fashion market is projected to grow at 15 per cent compound annual growth rate (CAGR) till 2022, with mobile platforms being expected to influence more than two-thirds of both apparel and fashion accessories purchases. The country has emerged as one of the world’s fastest-growing fashion markets over the past few years.
Growing penetration of the internet, social media and e-commerce is now providing consumers in Tier II and below cities increased access to brands and products. New operating models such as omnichannel and assisted e-commerce could further fuel growth and adoption of online commerce. With reduced attention spans, increased connectivity and acceptance of new technology, consumers are demanding everything with limited effort at the click of a button and any change in expectations can cause them to abandon the purchase journey.
In the apparel category, 19 per cent of consumers drop out due to friction, and more than two-thirds of this friction is caused by the media. Mobile-enabled purchase journeys of apparel are 14 per cent shorter than offline journeys, while that of fashion accessories is 25 per cent shorter than offline. Mobile could help apparel brands to tap into potential sales opportunity by reducing media friction.